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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Net sales $ 1,716.6 $ 1,746.2 $ 5,034.2 $ 5,277.6
Cost of sales [1] 1,076.6 1,109.6 3,143.5 3,327.6
Gross profit 640.0 636.6 1,890.7 1,950.0
Selling, general and administrative expenses [1] 390.3 400.6 1,199.8 1,243.7
Amortization expense of intangible assets acquired 23.5 21.8 72.4 67.4
Stock appreciation rights expense (0.3) (0.4) (0.1) 4.1
Restructuring and other charges [1] 1.6 38.4 3.5 68.0
Operating profit 224.9 176.2 615.1 566.8
Interest expense (52.8) (54.8) (161.8) (172.3)
Foreign currency exchange loss related to Venezuelan subsidiaries (0.4) (1.0) (3.2) (30.7)
Charge related to Venezuelan subsidiaries [1]     (46.0)  
Gain (loss) on debt redemption and refinancing activities (0.1) 0.6 (0.1) (110.7) [2]
Gain (loss) on sale of business   (0.5) (1.6) 28.7
Other income, net 1.2 5.5 5.7 18.4
Earnings before income tax provision 172.8 126.0 408.1 300.2
Income tax provision 9.5 39.4 92.8 88.3
Net earnings available to common stockholders $ 163.3 $ 86.6 $ 315.3 $ 211.9 [2]
Net earnings per common share:        
Basic [3] $ 0.84 $ 0.43 $ 1.60 $ 1.02
Diluted [3] 0.83 0.42 1.59 1.01
Dividends per common share $ 0.16 $ 0.13 $ 0.45 $ 0.39
Weighted average number of common shares outstanding:        
Basic 194.1 202.9 195.0 206.7
Diluted [3] 196.7 205.8 197.5 209.5
[1] Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[2] For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3] The Company early adopted ASU 2016-09 on a prospective basis as required, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 377,130 and 370,090 diluted weighted average number of common shares outstanding for the three and nine months ended September 30, 2016, respectively, and recognition of excess tax benefits of $1.8 million and $12.4 million in income tax provision for the three and nine months ended September 30, 2016, respectively. As a result, net earnings per common share increased by $0.01 per share and $0.06 per share for the three and nine months ended September 30, 2016, respectively. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.